Question

Rosetta listed her assets and liabilities on a personal balance sheet. Rosetta’s Balance Sheet (April 2013) Assets Liabilities cash $900 credit card $4,000 investments $1,100 student loan $1,000 house $150,000 mortgage $100,000 car $8,000 car loan $5,000 Total Total If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)? $50,000 $100,000 $150,000 $250,000

Answer 1

Answer:

The correct option is 1.

Step-by-step explanation:

Rosetta’s Balance Sheet (April 2013)

Assets                              Liabilities

cash $900                      credit card $4,000

investments $1,100         student loan $1,000

house $150,000             mortgage $100,000

car $8,000                       car loan $5,000

From the given information it is noticed that the value of house is $150,000 and the amount of mortgage is $100,000.

If she sell her house, then she will get $150,000.

The amount of mortgage is $100,000.

If Rosetta sells her house and pays off the mortgage, how much should she receive

$150,000-100,000=50,000$

Therefore option 1 is correct.

Answer 2

House 150000 sold
Mortgage 100000 paid off
She received
150000-100000=50000